Delaware State Housing Authority presents. Agenda Delaware State Housing Authority (DSHA) Home...
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Transcript of Delaware State Housing Authority presents. Agenda Delaware State Housing Authority (DSHA) Home...
Agenda
• Delaware State Housing Authority (DSHA)• Home Ownership Products• Development of Live Near Your Work• Eligibility Criteria• Partnerships• Administration of Program• Summary
Delaware State Housing Authority (DSHA)• State Housing Finance Agency
• Director - Member of Governor’s Cabinet
• Statewide Resources for Home Ownership and Rental Affordable Housing
Home Ownership Products• First Time Home Buyer Mortgage Loans• Housing Rehabilitation Loans• Foreclosure Prevention Loans• Down Payment & Settlement Assistance
– 2nd Mortgage Product– Assisted Grant– Live Near Your Work
• $3,000 grant toward closing costs of home within 3 miles of employment.
Development of Live Near Your Work• Livable Delaware Initiative
• Joint commitment and partnership with:– Employers– Jurisdictions– Lenders– Delaware State Housing Authority
• Win – Win - Win
Participating Employers•Aloysius, Butler, & Clark
•Aramark (Wesley College)
•City of Milford
•City of Wilmington
•Dover Housing Authority
•Horizon House, Inc.
•LACC
•Mona Lisa Restaurant
•Neighborhood House, Inc.
•PATS, Inc.
•Perdue Farms, Inc.
•Seawatch International
•St. Francis Hospital
•Town of Milford
•Town of Georgetown
•University of Delaware
•Wesley College
•West End Neighborhood House
•West Side Health, Inc.
•Wilmington Friends School
Household Income
Property Location Income Limit
New Castle County • 1 to 2 Person Households $77,800• 3 or More Person Households $89,470
Kent & Sussex Counties• 1 to 2 Person Households $70,800• 3 or More Person Households $81,420
Property Eligibility • Location in designated LNYW area
– 3 mile radius from the employer– Livable Delaware boundaries
• Purchase Price Limits– New Castle County: $366,990– Kent County $328,762– Sussex County $327,670
• 1 –Unit Properties Only
LNYW -Jurisdictions
Jurisdiction Contribution
Town of Georgetown Up to $2,000
City of Wilmington $1,000
City of Milford $1,000
HUD-Approved Housing Counseling Agencies
– First State Community Action Agency– Hockessin Community Center– HOND– Interfaith Community Housing Delaware– NCALL Research– Neighborhood House– West End Neighborhood House– YWCA Delaware
Summary• Best Practices
– Eco- Friendly Promotion– Unique Product for Targeted Marketing by
Realtors and Lenders.– Minimal & Controlled Financial Investment– Identify Natural Partners
• Challenges– Economy & Real Estate Market– Home Buyers’ Preferences
CONTACT INFORMATION
Cynthia KarnaiDirector of Housing [email protected]
820 N. French Street, 10th FloorWilmington, DE 19801Phone: 302.577.5001 FAX: 302.577.5021www.DeStateHousing.com